The National Community Reinvestment Coalition (NCRC) recently filed two complaints against appraisers with the Department of Housing and Urban Development asserting different treatment based on race in violation of the Fair Housing Act. One complaint asserts different service levels based on race, and the other asserts different home valuations based on race, with White individuals

The Department of Veterans Affairs (VA) recently issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan refinance provisions in the Economic Growth, Regulatory Relief, and Consumer Protection Act, which was enacted in 2018, and the Protecting Affordable Mortgages for Veterans Act

The CFPB recently issued a Request for Information Regarding Mortgage Refinances and Forbearances (RFI) Comments on the RFI will be due 60 days after publication in the Federal Register.

In the release announcing the RFI, the CFPB states that the RFI “is an example of the CFPB’s new approach to promoting competition and new

In Mortgagee Letter 2022-09 dated July 7, 2022, the U.S. Department of Housing and Urban Development (HUD) sets forth new flexibility in underwriting guidelines for calculating effective income for Federal Housing Administration (FHA) insured loan applicants who incurred a reduction or loss in income as a result of a COVID-19 Economic Event.  The guidance in

A divided panel of the U.S. Court of Appeals for the Eleventh Circuit in Daniels v. Select Portfolio Servicing, Inc. held last week that monthly mortgage statements required under the Truth in Lending Act and Regulation Z can constitute communications in connection with the collection of a debt under the Fair Debt Collection Practices Act

The CFPB recently issued an outline entitled Small Business Advisory Review Panel for Automated Valuation Model (AVM) Rulemaking.  While the outline addresses an upcoming joint rulemaking to implement quality control requirements for AVMs, the CFPB specifically focuses on the potential for AVMs to pose fair lending risks to homebuyers and homeowners.  The CFPB issued the

As previously reported, in October 2019 the CFPB issued a final rule under the Home Mortgage Disclosure Act (HMDA) to:

  • Continue until January 1, 2022 the temporary volume threshold that triggers reporting of open-end, dwelling-secured lines of credit of at least 500 originated lines of credit in each of the prior two calendar years.

The U.S. Department of Treasury recently issued the long-awaited Housing Reform Plan, and among various topics the Plan addresses the temporary qualified mortgage under the Regulation Z ability-to-repay rule for loans that are eligible for sale to Fannie Mae or Freddie Mac (the GSEs). The Department concurs with the position of the CFPB, set